Answer
BURNETT COMPANY
Balance Sheet
December 31, 2014
Assets
Cash ............................................................................... 22,000
Accounts receivable ..................................................... 71,000
Total assets ................................................................... 93,000
Liabilities and Stockholders’ Equity
Liabilities
Accounts payable .................................................. 65,000
Stockholders’ equity
Common stock .......................................................
18,000
Retained earnings .................................................. 10,000 $ \ \ \ \ \ $ 28,000
Total liabilities and stockholders’ equity..................... $93,000
Work Step by Step
Cash + Accounts receivable = Total assets
Liabilities + Stock Holders Equity = Total Liabilities and Stockholders equity
*Stockholders Equity= Common Stock + Retained earnings
Total Liabilities and Stockholders equity = Total Assets
